Copper Prices Continue Bearish Trend

Copper Prices Continue Bearish Trend
Copper Prices Continue Bearish Trend

Copper Futures—Copper futures in the July contract settled last Friday in New York at 2.6500 a pound while currently trading at 2.6100 down 400 points for the trading week as prices are at a 5 month low.

I have been recommending a bearish position from around the 2.8240 level & if you took that trade the stop loss stands at 2.7180 as an exit strategy, however in 2 trading sessions that will be lowered to 2.6980 as the chart structure will improve therefor lowering the monetary risk as this trend is very strong to the downside.

If you have followed any of my previous blogs you understand that I sound like a broken record as I think prices will break the January 3rd contract low of  2.56 possibly in next week’s trade as the downtrend line still remains intact as well stay so short and continue to play this to the downside.

Copper prices are trading far below their 20 and 100 day moving average as this probably is the strongest bearish trend out of the commodity sectors as industrial metals still have weak demand due to the fact that there is no agreement on trade between China and the United States.

The 10 year note has hit a 21-month low and you think that would help copper prices due to the fact that lower interest rates certainly help the housing market, but this is how bearish this commodity is as I see no reason to be a buyer.





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